Sometimes debt can become overwhelming. Whether it's medical bills, a failed business, or simply bad luck, there are a variety of situations that can lead to a less-than-stellar financial situation. Not being able to pay off debt can harm credit scores and negatively impact a person's financial future. It can also make it difficult to get a home or auto loan in addition to other types of financing in the future. Those who have debt that they are unable to pay off should consider seeking the services of a lawyer. Here are three reasons why:
Negotiate Debt Settlement
When it comes to large amounts of unpaid debt, many believe that bankruptcy is the only option. Debt settlement is an option that debtors can consider instead of bankruptcy. Debt settlement involves negotiating with creditors to reduce the amount of debt that needs to be paid. An attorney can negotiate the terms of a settlement between a debtor and their creditors. An attorney will be familiar with all of the laws associated with paying debt and debt negotiation.
Advise On Bankruptcy
While debt settlement can work for some, in many cases bankruptcy is the better option. A bankruptcy lawyer can help determine whether or not bankruptcy is the best option for the debtor. They can also help determine which type of bankruptcy is the best to file for. Debtors often have the option of Chapter 7, Chapter 11, and Chapter 13 bankruptcies depending on their exact situation. A lawyer will be able to file for their clients and ensure that all of the necessary documents are in order and that all of the paperwork is filled out correctly. The cost of a lawyer can vary. In some cases, they charge a percentage fee determined by the amount of debt their client has. Hourly rates are also common and typically range from $125 to $350 per hour.
Greater Chance Of Success
When it comes to debt settlement or bankruptcy, both are far more likely to be successful when handled by a lawyer. Studies have shown that Chapter 7 and Chapter 13 bankruptcies are far more likely to be successful when the debtor is represented by a lawyer. A lawyer will ensure that the right type of bankruptcy is being filed and that everything that is needed for success is in order before the hearing.
When it comes to debt, it can be difficult to get out without help. Hiring a law office like Affiliated Legal Services Inc can help immensely. Lawyers can help the debtor either settle their debts with their creditors or file for bankruptcy. Debtors are also far more likely to have their debts discharged whenever a lawyer is involved.Share
13 November 2017
People with an eye for property can make a great deal of money buying a house, fixing it up and then selling it for a profit. However, there are many legal issues involved in this kind of pursuit. I am an attorney with experience in real estate, and I have helped many clients learn the legal details involved in flipping property. This blog will help you understand what you need to know when you are buying and selling a home as well as information about paying taxes on money made and property owned. Flipping houses can be a very profitable activity as long as you know how to do it legally.